Maybank Kim Eng Securities

Transcription

Strictly Private & Confidential
Corporate Presentation
Maybank Kim Eng Securities (Thailand) Plc.
December 2013
September 2015
Page 1
Agenda
1.
Maybank Kim Eng Thailand Overview
2.
Maybank Group
3.
Financial Highlights
Page 2
Maybank Kim Eng Thailand Overview
Page 3
Maybank Kim Eng’s Highlights
 “Best Broker in Thailand 2015” from Alpha Southest Asia
“Best Broker in Thailand 2015” from Finance Asia”
2015
 “Best Broker in Thailand 2015” from Money & Banking Awards 2015
2014
Fitch Rating has affirmed Maybank Kim Eng Securities (Thailand) Plc National Long-Term rating to “AA-(tha)”
“Best Broker in Thailand2014” from Finance Asia , Alpha Southeast Asia, the Asian Banker and Asset Triple A
“Best Retail Broker in Thailand 2013” from Alpha Southest Asia, reflecting number 1 broker for 12 consecutive years.
2013
Fitch Ratings (Thailand) has upgraded Maybank Kim Eng Securities (Thailand) Plc. National Long-Term Rating to
“AA(tha)” from AA-(tha) and National Short-Term Rating at “F1+(tha) as of April 30, 2014.
2012
FinanceAsia awards Maybank Kim Eng Securities (Thailand) Plc. as “Best Broker Thailand” and Alpha Southeast Asia
awards MBKET as “Best Retail Broker for Thailand”, reflecting number 1 broker in Thailand since 2002.
Fitch Ratings (Thailand) has upgraded Maybank Kim Eng Securities (Thailand) Plc National Long-Term rating to ‘AA-
(tha)’, 2 notches up from previous rating at ‘A(tha)’. The upgrade reflects benefits from MBKET integrating with
Maybank group.
2011
Maybank group acquired 100% in Kim Eng Holdings Limited as our major shareholders, and as at October 31, 2011
after tender offering process, Kim Eng Holdings Limited and subsidiaries hold 83.74% of KEST paid up shares, and
then Effective from 25 November, 2011, renamed KEST as Maybank Kim Eng Securities (Thailand) Plc. (“MBKET”)
2002
2001
Kim Eng secures number 1 position in terms of brokerage market share
Kim Eng Securities (Thailand) merges with Yuanta; acquires 77.73% of Yuanta Securities (Thailand) Co., Ltd
1998
Kim Eng Holdings Ltd. gains total control of NICS and renamed it as “Kim Eng Securities (Thailand)” (“KEST”)
1996
Becomes Nithipat Capital and Securities Co., Ltd (NICS)
1990
Nithipat Capital Co., Ltd established in October 1990
Page 4
MBKET :#1 Broker in Thailand
4
“Number 1 brokerage services for 13 consecutive years”
1
Awarded as “Best Broker of Thailand” consistently.
57 branches including head office
– 34 branches in BKK
– 22 branches in upcountry
Broadest Network
Market Share H1/2015 (%)
Assets (THB mn)
MBKET
CIMBS
FSS
BLS
KS
PHATRA
TNS
KGI
200 2010 2011 2012 201 201 Q22015
CS
SCBS
Solid NCR of 37.53% (as of 30 June, 2015
AEC
Sufficient placement ability for underwriting IPO
CNS
AWS
CGS
Best Retail Broker 2015 from Finance Asia and Alpha Southest Asia
KTZ
Best Brokerage House” for Thailand from the Asset Triple A Awards 2012 – 2015 (4
TISCO
consecutive years).
APPLE
Best Broker Thailand 2014 from Finance Asia and Alpha Southeast Asia
UBS
Best Retail Broker (2013) and Best Institutional Broker (2013) Alpha Southeast Asia
UOBKHST
2013
ASP
Best Retail Broker (2011), Alpha Southeast Asia
•
•
3
Distinguished &
Repeated Awards
•
•
•
•
•
• TFEX Best Award (2011), Thailand Futures Exchange
• SET Awards 2011 – Outstanding Securities Company
• SET Awards 2011 – Outstanding Derivate House
• Best Broker in Thailand (2010), Finance Asia
• Best Research House for retails (2007 & 2008), SAA
• Best analyst in energy and petrochemicals for retail investors (2008), SAA
• Best medium & small cap. analyst for retail investors (2007), SAA
• Best medium & small cap. Analyst for institutional investors (2007), SAA
9.22
Equity (THB mn)
20,612
4,884
14,684
5,275
13,973
4,517
7,126
4,529
Health
7,166
4,420
Strong Financial
9,034
4,637
• Healthy balance sheet
19,264
4,997
2
Page 5
5.71
5.45
5.23
4.76
4.20
4.12
3.92
3.76
3.55
3.41
3.28
3.17
2.84
2.84
2.67
2.64
2.52
2.49
2.49
As of
H1/2015
Equity
Derivatives
Market share
9.22%
5.17%
Ranking
1
6
MBKET: Broadest local distribution network with extensive global network
London
New York
Vietnam
Philippines
Hong
India
Thailand
Kong
Malaysia Singapore
Indonesia
Network around the country
Network in Bangkok
27
Lumpang
MBKET is the only
banker with highest
retail client base,
covering more than
70,000 accounts
throughout our 56
branches around the
country
25
1
Chiang Mai 1 & 2
2
26
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
3
5
Korat 1 & 2
Khon kaen
Ubonratchathani
Surin
Bangkok 26 branches
Samut Songkhram
Mahachai
Hua Hin
Khonkaen
19
Chonburi
Aruanyaprathet
Rayong 1
20
6
17
Chanburi
16 18
Rayong 2
9
Surathani
7
Phuket
Had Yai
8
21
10
11
12
13 15
14
22
23
28
Yala
Page 6
24
Ngarmvongvan
Future Rangsit
Bangkapi
Fashion Island
Ladprao
Pinklao
Bangkhae
Thapra
Phahurat
Yaowarat
Thaniya
Silom
Yada
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
Satornnakorn
31 BTS Saladang
United
32 BTS hongnonsee
Head Office
33 BTS Morchit
Pratunam
Amarin
Fortune
RCA
Asoke
Emporium
Seacon
Srinakarin
Kasetsart University
Dhurakit Bandit
University
Chaengwatana
Thanya Park
The Nine
Thong Lor
Organization Structure
Board of Directors
TH EXCO
CG Committee
TH CUC
Chief Executive Officer
(Co-CEO)
Audit Committee
Compliance
Chief Executive Officer
(Co-CEO)
Internal Audit
TH CC
TH M RC
Retail Sales
& Dealing
Institutional Sales
TH CUC
Risk M anagement &
Credit Control
Retail 1
Retail 3
IC and Retail
Clients Training
E-Commerce 1
Investment
Banking
Derivatives
Retail 2
Online Services
E-Commerce 2
E-Commerce 3
Private Wealth
Management
Proprietary
Trading
Corporate
Communication
Business
Development
Chief Operating Officer
(COO)
Chief Financial
Officer
Accounting
Human
Resources
Treasury/
Cashiers
Settlement/
Custodian
Management
Accounting
General
Services
Chief Information
Officer
Information and
Technology
MIS
7
Page 7
Corporate
Legal
Operation
Client Service
Research
Institutional
Research
Board of Directors
The Board of Directors
1. Mr. Yuth Vorachattarn
Chairman to the BOD & Audit Committee Member
2. Dr. Paiboon Sareewiwatthana
Director & Chairman to the Audit Committee
3. Dr. Preecha Jarungidanan
Director & Audit Committee Member
4. Mr. John Chong Eng Chuan
Director
5. Mr. Cheah Teik Seng
Director & Audit Committee Member
6. Ms. Hamidah Binti Moris
Director
7. Mr. Montree Sornpaisarn
Director
8 Ms. Boonporn Boriboonsongsilp
Director
9. Mr. Pusit Kaewmongkolsri
Director
Thailand Executive Committee (TH EXCO)
1. Mr. Montree Sornpaisarn
Chairman
2. Ms. Boonporn Boriboonsongsilp
Member
3. Mr. Pusit Kaewmongkolsri
Member
4. Mr. Mohamad Yasin B. Abdullah
Member
5. Ms. Hamidah Binti Moris
Member
6. Mr. Giles Ong
Member
7. Mr. Supavee Thanasrisunee
Member
8. Mr. Peerasit Chiwabhong
Member
Page 8
Fitch Ratings : AA(tha)
Thailand
Credit Analysis as of 2nd April, 2015
AA(tha)
Ratings
Maybank Kim Eng Securities (Thailand) Plc
National
Long-Term Rating
Short-Term Rating
AA(tha)
F1+(tha)
Outlook
National Long-Term Rating
Negative
Financial Data
Maybank Kim Eng Securities (Thailand) Plc
(Consolidated)
Total Assets (USDm)
Total Assets (THBm)
Total Equity (THBm)
Net Income (THBm)
ROA (%)
ROE (%)
Equity/Assets (%)
31 Dec 14
31 Dec 13
625.3
20,612.9
4,884.20
1,264.20
7.2
24.9
23.7
447.5
14,685.0
5,275.7
1,420.5
10.1
29.5
35.9
Analysts
Trin siriwutiset
+66 2 108 0154
[email protected]
Jindarat Laotaveerungsawat
+66 2 108 0153
[email protected]
Key Rating Drivers
Institutional Support Driven Ratings: Maybank Kim Eng Securities (Thailand) Public Company Limited’s (MBKET)
ratings are based on Fitch Ratings’ expectation of a very high probability that the company would get
extraordinary support from its ultimate parent, Malayan Banking Berhad (Maybank, A-/Negative). Its Negative
Outlook is in line with that of Maybank.
Strategically Important Subsidiary: Fitch views MBKET as a strategically important subsidiary of Maybank. The
company supports the group’s securities and investment banking franchise in Thailand, which is one of the key
strategic countries for Maybank. The group owns 83.5% of MBKET, and there are both close operational
integration and clear branding links..
Group Provides Financial Support: Financial support from the group is reflected in the group’s investment in
MBKET’s THB1bn subordinated debt issued in 2014. Furthermore, the group provides contingent credit facilities
to MBKET, which have not yet been utilised. Fitch believes the group will continue to provide funding support to
MBKET, if needed.
Leading Securities Trading Company: MBKET is the largest securities company in Thailand by volume of traded
securities with a 10.6% market share in 2014 (2013: 11.5%). The company has held the leading position in Thai
securities trading for 13 consecutive years. MBKET has a particularly strong franchise amongst retail investors,
which made up almost 90% of the company’s brokerage volume in 2014.
Sound Investment Banking Franchise: MBKET ranked fifth in Thailand’s domestic equity offerings with a 5.4%
market share in 2014. The company’s revenues from underwriting fee and financial advisory in 2014 rose
substantially by 367% yoy benefiting from cross-selling with the Maybank group. The revenue contribution from
investment banking is likely to gradually increase over time as collaboration with the group continues to improve.
Investment banking contributed only 5.2% of total revenues in 2014.
Volatile Performance : MBKET’s financial performance is likely to continue to fluctuate with the stock market’s
trading volumes as the company is heavily reliant on securities brokerage revenue – 71.2% of total revenues in
2014. Net income dropped 12.6% in 2014 while its return on equity has declined to 24.9% (2013: 29.5%) mainly
due to the slide in average daily trading volumes on the stock market to THB45Bbn in 2014 (2013: THB50bn).
Page 9
Fitch Ratings : MBKET is same rating level as BBL, KBANK and SCB
Long-Term Ratings
Bank / Securities
AA+
Krung Thai Bank
Bangkok Bank
AA(tha)
AA
Kasikorn Bank
Maybank Kim Eng
Siam Commercial Bank
Kasikorn Securities
AA-
SCB Securities
CIMB Thai
Bank of Ayudhya
A+
A
TMB
Thanachart Bank
TCAP
Bualuang Securities (*TRIS Rating)
A-
TISCO Financial Group
Asia Plus Securities
Phatra Securities
Page 10
Best Thailand Broker
Best Broker age House 2014
Asset Triple A Award
Best Retail Broker 2014 - 2015
Finance Asia
Best Institutional Broker 2013
Alpha Southeast Asia
Best Retail Broker 2012-2015
Alpha Southeast Asia
Best Retail Broker 2014 for the Fourth
consecutive years since 2011.
Best Broker in Southeast Asia 2014
Broker of the Year 2014
The Asian Banker
Page 11
Best Broker in Thailand 2011 -2012
Finance Asia
Samples of Our innovations
•
•
•
MBKET always develop our information and communication technology to support an efficient tool for our investors, both
professional fund managers and retail investors.
1st Thai broker with live research analysis (keliveTV) via internet, iPad – iPhone, Android both fundamental and technical
analysis.
Real time stock information and trading via ios (iPad-iPhone) , Android, Mobile, Tablet, PC, BlackBerry (every operation system)
Page 12
Maybank Kim Eng Offshore Markets
Online Markets
Offline Markets
SWITZERLAND
UK
FRANCE
GERMANY
NORWAY
USA
HONGKONG
JAPAN
CANADA
VIETNAM
INDONESIA
SOUTH
KOREA
MALAYSIA
SINGAPORE
AUSTRALIA
13 Strictly Private & Confidential
Page 13
Customer Breakdown
Retail, foreign and local institutional accounted for 90%, 4% and 6% of MBKET’s brokerage business during
Q1/2015 respectively.
MBKET Customer breakdown
100.00%
80.00%
60.00%
40.00%
20.00%
Retail
Foreign
Local Institutions
Page 14
2015
1
1 4 2015
1 1 2015
1 10 2014
2014
1
1 4 2014
1 1 2014
1 10 2013
2013
1
1 4 2013
1 1 2013
1 10 2012
2012
1
1 4 2012
1 1 2012
1 10 2011
2011
1
1 4 2011
1 1 2011
1 10 2010
2010
1
1 4 2010
1 1 2010
1 10 2009
2009
1
1 4 2009
1 1 2009
200
1
1 10 200
1 4 200
1 1 200
200
1
1 10 200
1 4 200
1 1 200
0.00%
MBKET Market Share by Segment
Retails
20%
Average 11.93%
15%
10%
5%
0%
Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15
Local Institution
20%
15%
Average 6.62%
10%
5%
0%
Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15
Foreign Institution
20%
Average 1.60%
10%
0%
Q1/09
Q3/09
Q1/10
Q3/10
Q1/11
Q3/11
Q1/12
Q3/12
Page 15
Q1/13
Q3/13
Q1/14
Q3/2014
Q1/2015
Customer Accounts with Dormant A/C
Number of Accounts
Total Equity Account
Dec 2013
Dec 2014
% Change
Jun 2015
% Change
141,919
166,946
17.63%
178,330
6.82%
60,046
75,091
25.06%
81,534
8.58%
2,736
3,127
14.29%
3,277
4.80%
Cash Account
79,137
88,728
12.12%
93,519
5.40%
Futures Account
10,032
11,001
9.66%
11,513
4.65%
Dec 2014
%
Change
Jun 2015
%
Change
Internet Account
Credit Balance Account
Number of
Active Account
Dec 2013
Total Equity Account
57,833
84,876
46.76%
91,407
7.69%
Internet Account
26,084
40,054
53.56%
43,948
9.72%
1259
1690
34.23%
1728
2.25%
30,490
43,132
41.46%
45,731
6.03%
2,342
2,834
21.01%
2,886
1.83%
Credit Balance Account
Cash Account
Futures Account
Page 16
• At the end of June 2015, MBKET
had 178,330 equity accounts and
11,513 futures accounts.
• 45.72% were internet accounts,
1.84% were margin accounts and the
rest 52.44% were cash accounts.
• 51.26% of equity accounts
and 25.07% of futures accounts were
active accounts.
• Outstanding loans on margin
accounts at the end of June 2015
totaled Baht 12,956.44 million.
• Short sell value at the end of June
2015 totaled Baht 58.22 million.
• There were no defaults on MBKET
margin
accounts.
Derivatives Brokerage Business
•
•
Among 46 TFEX member brokers, MBKET
ranked #6 by derivatives trading volume in
1H2015. MBKET’s derivatives trading volumes
come from servicing retail clients, foreign
institutions, local institutions and from
proprietary trading.
Since TFEX commenced trading on April 2006,
MBKET has earned the customers’ derivatives
account about 11,521 accounts. Trading
channels cover both sending orders through
marketing officers and customer trading
through the internet. MBKET has the largest
number of marketing officers – 589 derivatives
sales persons - spreading across 55 branches
throughout the country.
TFEX Market Share in 1H2015
(%Share Of Trading Volume)
KGI
PHATR
KS
KTZ
BLS
MBKET
RHBOS
PST
HGF
CS
GFS
JPM
CIMBS
SCBS
TNS
MTSGF
TNITY
FSS
AEC
UOBKH
AWS
CNS
APPLE
ASP
CGS
AIRA
CGF
KTBST
KKTRD
KSS
DBSV
AFC
CLSAT
ASPS
YLG
TISCO
UOBFT
GTWM
Page 17
10.42
7.41
6.17
6.04
5.7
5.17
4.73
4.22
4.02
3.89
3.12
3.02
2.88
2.65
2.65
2.26
2.26
2.23
2.18
2.17
1.63
1.45
1.37
1.37
1.35
1.32
1.1
1.04
1
0.94
0.67
0.62
0.51
0.49
0.44
0.41
0.35
0.27
Derivatives Brokerage Business
MBKET's Derivatives Volume and Market Share (%)
4Q2014 - 2Q2015
1,500,000
1,378,956
8%
1,418,475
1,100,000
6%
5.45%
5.44%
900,000
932,765
4.79%
700,000
4%
500,000
300,000
Market Share (%)
Volume (Contracts)
1,300,000
2%
100,000
-100,000
4Q2014
1Q2015
Volume
2Q2015
0%
Mkt. Share
In 1Q2015, MBKET’s Brokerage fee from Derivatives Business was 45.414 million Baht compared to 50.20 million Baht
in 1Q2014, representing the revenue reduction of 9.55%. MBKET’s average daily volume increased from 3,062 contracts
in 1Q2014 to 4,447 contracts in 1Q2015, representing an increase by 45.23%. In 1H2015, MBKET ranked No.6 in term of
market shares that accounted for 5.17% of the total volume in derivatives market.
Page 18
IB’s Mandated & Potential Deals
Deals by Products in pipeline
Product Type
Deals
1. M&A
2-3
2. REITS
2-3
3. Infrastructure Fund
3-4
4. Initial Public Offering IPO)
Added on Public Offering
7 - 10
5. Equity/Private Placement
2-3
6. Financial Advisory (FA) - Others
1-2
Page 19
Thailand Transactions Credentials
Merger & Acquisition
Public Property Fund Initial Public Offering & Placement
2013
USD 4.3 bn
2012
USD141.7 mil
2012
USD132.2 mil
2009
USD151.5 mil
Independent Financial
Advisor for the
Acquisition of Siam
Makro PLC.
Sole Financial Adviser
Joint Global Coordinator
Joint Bookrunner
Joint Lead Manager
Joint Lead Underwriter
Joint Financial Advisor
Joint Lead Underwriter
Independent
Financial Advisor
M&A
IPO
IPO
Add-on Offering
Private Property Fund Placements
2003 - 2005
USD258.4 mil
2003
USD26.8 mil
2003
USD71.1 mil
2002
USD96.9 mil
Central World Plaza
Central Wong Amat Beach
Resort
Financial Advisor
Underwriter
Private Placement
Central City Bangna
Central Plaza Pinklao
& Rama 3
Financial Advisor
Underwriter
Private Placement
Financial Advisor
Underwriter
Private Placement
2002
USD43.6 mil
Financial Advisor
Underwriter
Private Placement
2001
USD80.8 mil
2001
USD43.6 mil
Central Plaza Pinklao
Central Plaza Rama 3
Financial Advisor
Underwriter
Private Placement
Financial Advisor
Underwriter
Private Placement
Central Samui Beach Resort
Financial Advisor
Underwriter
Private Placement
Page 20
MBKET : Reputed Equity Capital Market Track Record Since 2003
2003
Co-lead Underwriter
Issue Size: 25,500 MB
SIS Distribution (Thailand)
Plc.
2004
FA / Lead Underwriter
Issue Size: 178.45 MB
2004
Co-lead Underwriter
Syrus Securities
TPI Polene
UOB KayHian
2004
Lead Underwriter
Issue Size: 660 MB
2004
Underwriter
2005
Lead Underwriter
Issue Size: 465 MB
Tycoons Worldwide
Group(Thailand)
2003
Chonburi Concrete Product
Hwa Fong Rubber (Thailand)
Siam City Bank
Krungthai Bank
2003
Issue Size: 550 MB
2003
Issue Size: 412 MB
2003
Thainox Stainless
C.M. Organizer
DCON Products
2004
Co-Lead Manager
2004
2004
Issue Size: 370 MB
Globlex Holding
Management
2004
Lead Underwriter
Salee Industry
Bangsaphan Barmill
Shin Satellite
Phatra Securities
Indorama Polymers
M.C.S. Steel
2005
Lead Underwriter
2005
2005
Co-Lead Underwriter
2005
Issue Size: 336 MB
Somboon Advance
Technology
2010
2005
Issue Size: 99.7 MB
2005
Italian Thai Development
2005
Interhides
Bangkok Metro
Sena Development
Siam Global House
BTS Groups Holding
2005
2006
Issue Size: 3,661.24 MB
2009
Issue Size: 396 MB
2009
Lead Underwriter
Issue Size: 663 MB
2010
Lead Underwriter
Issue Size: 751 MB
Dusit Thani Property Fund
CPN Commercial Growth
Leasehold Property Fund
(CPNCG)
2012
UAC
Interlink Communication
2010
Vichaivej International
Hospital Group
2012
Issue Size: 169 MB
2013
Lead Underwriter
Issue Size: 192 MB
2013
Lead Underwriter
Issue Size: 395 MB
Aira Capital
Public Company Limited
Prodigy Public Company
Limited
Impact Growth Reit
Loxley Public Company
Limited
Italian-Thai Development
PLC.
2014
Lead Underwriter
Issue Size: 475 MB
2014
Lead Underwriter
Issue Size: 196 MB
2014
Polyplex (Thailand)
2014
Page 21
2014
UAC
2010
Lead Underwriter
Issue Size: 120 MB
CPNRF Retail Growth
(CPNRF)
2014
Kaset Thai International
Sugar Corporation
Singha Estate PLC.
Vichitbhan Palmoil PLC.
2014
2014
2014
Lead Underwriter
MBKET’s Selected Financial Advisory Track Record Since 2004
LPN Development
CS Loxinfo
Bangchak Pertroleum
GMM Media
2005
IFA on Connected Transaction
for Share Acquisition in
MATI and POST
2004
FA for share valuation on one of
its subsidiary
2005
FA for Valuation of
Teleinfo Media
2005
IFA for Connected Transaction
and Whitewash3
Bank of Ayudhya
National Power Supply
Thai–German Ceramic Industry
Thai Military Bank
2006
IFA on Whitewash, PP at low
price to GE and asset acquisition
from GE
2007
FA for Independent Power
Producer bidding
2008
IFA on Tender Offer by Ceramic
Cementhai
2008
IFA on Connected Transaction
and T/O Waiver for ING Bank
TSFC Securities
Manecomp Precision
Technologies
2005
Tender Offer Preparer and
Tender Offer Agent
Industrial Estate Authority of
Thailand
2005
Co-FA for Study on Potential
Privatization
IAG Group
2006
Tender Offer Preparer
& Tender Agent
for Acquisition of
Safety Insurance Shares
Millennium Steel
2006
IFA on Tender Offer by
Tata Steel and NatSteel
Ocean Life Insurance
PTT
Siam Cement Group
2008
FA on Issuance of ESOP
Warrant
2008
Financial Advisor on Joint
Venture with Dai-ichi Life
Insurance
2008
FA on Acquisition Strategy of a
listed company
2009
FA on Share Valuation
of their investment in a
Non-listed Company
Golden Land Property
Development
Bangchak Petroleum
Kasikorn Thai Bank
Thai Credit Bank
Charernkit Enterprise
AYCAL
Tapaco
Siam Commercial Bank
2009
FA on Debt & Capital
Restructuring
Loan Arranger
2009
FA on Enhancing Liquidity
& Firm Value
2009
IFA on Acquiring
Muang Thai Insurance
2009
FA on Acquiring of
a Leasing Company
2009
FA on Acquisition & Backdoor
listing of MEDIAS
Tender Offer Preparer & Tender
Agent
2010
FA on Debenture Issuance
2010
FA on
Right Warrants Issuance
2010
of their investment in a
Non-listed Company
Royals food
Mayban IB Holdings
Sdn Bhd
2011
Tender Offer Agent of Kim Eng
Securities (Thailand) PLC
Bangkok Dusit Medical
Services PLC.
2011
FA for Delisting of
Prasit Patana PLC.
PTTCH
Grand Canal Land
Ayudhya Insurance
HitashiTransport System (Asia)
2011
FA on valuation of its group
2011
IFA on amalgamation of PTTCH
and PTTAR
2011
IFA on Acquisition of 2 land plots
& Disposal of Golf Business
2011
of the share acquisition in
Ayudhya Allianz C.P.
2011
Tender Offer Preparer and
Tender Offer Agent
Singha Estate PCL.
Officemate PLC.
2012
IFA for the Acquisition of
Assets and Connected
Transactions
CP All PLC.
2013
IFA for the Acquisition of
Siam Makro PLC.
JMT Network Services PLC.
2014
FA on Acquisition & Backdoor
listing of Singha Estate
Tender Offer Preparer & Tender
Agent
Singha Estate PLC.
2015
2015
FA for Private Placement and
Selling Agent of Right
FA and Selling Agent of
Right Offering
Page 22
Central Pattana PLC.
2012
IFA for Land Leasing from
Connected Party
MBKET : Reputed Equity Capital Market Track Record Since 2003
Tycoons Worldwide
Group(Thailand)
2003
Chonburi Concrete Product
2003
Issue Size: 550 MB
Hwa Fong Rubber (Thailand)
2003
Issue Size: 412 MB
C.M. Organizer
DCON Products
2004
2004
Issue Size: 370 MB
Globlex Holding
Management
2004
Lead Underwriter
Polyplex (Thailand)
Thainox Stainless
2003
Co-lead Underwriter
SIS Distribution (Thailand)
Plc.
2004
2004
Co-lead Underwriter
2004
Co-Lead Manager
Syrus Securities
TPI Polene
UOB KayHian
Salee Industry
Bangsaphan Barmill
2004
Lead Underwriter
Issue Size: 660 MB
2004
Underwriter
2005
Lead Underwriter
Issue Size: 465 MB
2005
Issue Size: 99.7 MB
2005
Siam City Bank
Krungthai Bank
2003
Shin Satellite
Phatra Securities
Indorama Polymers
M.C.S. Steel
Interhides
Bangkok Metro
Sena Development
Italian Thai Development
2005
2005
Lead Underwriter
2005
2005
Co-Lead Underwriter
2005
Issue Size: 336 MB
2005
2006
2009
Issue Size: 396 MB
Siam Global House
BTS Groups Holding
Dusit Thani Property Fund
2009
Lead Underwriter
Issue Size: 663 MB
2010
Lead Underwriter
Issue Size: 751 MB
Somboon Advance
Technology
2010
2010
Lead Underwriter
Issue Size: 120 MB
2010
Vichaivej International
Hospital Group
2012
Issue Size: 169 MB
CPN Commercial Growth
(CPNCG)
2012
Kaset Thai International
Sugar Corporation
Aira Capital
Public Company Limited
Prodigy Public Company
Limited
Impact Growth Reit
Loxley Public Company
Limited
Italian-Thai Development
PLC.
2014
Lead Underwriter
2014
Lead Underwriter
Issue Size: 475 MB
2014
Lead Underwriter
Issue Size: 196 MB
2014
2014
Interlink Communication
2013
Lead Underwriter
Issue Size: 395 MB
CPNRF Retail Growth
(CPNRF)
2014
UAC
2014
Singha Estate PLC.
Vichitbhan Palmoil PLC.
The Platinum Group PLC.
Global Power Synergy PLC.
Daii Group PLC.
2014
2014
2015
2015
Co -Lead Underwriter
Issue Size: 621 MB
FA/Lead Underwriter
Issue Size: 120 MB
Page 23
2015
UAC
2013
Lead Underwriter
Issue Size: 192 MB
Maybank Group
Page 24
Corporate Profile
As at 08 Jun 2015
Page 25
Maybank: An Overview
54
Years
Of Growth
Total Assets
USD178 BILLION
(As at 31 Mar 2015)
PATAMI
USD2,034 MILLION
(12 months ended 31 Mar 2015)
Human Capital
47,000 MAYBANKERS
WORLDWIDE
Global Network
2,400 BRANCHES AND OFFICES
IN 20 COUNTRIES
Customers
More than 22 MILLION CUSTOMERS
Page 26
26
Largest Banking Group in Malaysia
Maybank has retained its leadership in Malaysia in terms of assets and profitability
Loans and Deposits (RM bil): 31 Mar 2015
Total Assets (RM bil): 31 Mar 2015
Loans
660
438
253
353
134
53
65
Alliance
Affin
180
225
HL Bank RHB Cap
Public
CIMB
Maybank
PATAMI (RM mil): 12 mths ended 31 Mar 2015
41 49
45
37
AMMB
447
418
Deposits
Alliance
Affin
88 92
AMMB
137 144
111
285
159
HL Bank RHB Cap
Public
493
531
Affin
Alliance
AMMB
2,156
RHB Cap HL Bank
71.4
48.1
2,621
19.0
CIMB
Public
Maybank
Source: Bloomberg
27
Maybank
86.1
4,673
2,064
CIMB
Market Capitalisation (RM bil): 29 May 2015
6,815
1,919
297
270
Page 27
5.4
7.0
Affin
Alliance
AMMB
19.9
24.6
RHB Cap HL Bank
CIMB
Public
Maybank
Fourth largest ASEAN banking group
Maybank remains a key regional financial services provider with a strong asset base
Loans and Deposits (USD bil): 31 Mar 2015
Total Assets (USD bil): 31 Mar 2015
DBS
OCBC
UOB
Maybank
CIMB
Public Bank
Siam Commercial
Bank Mandiri
Bank Rakyat Indonesia
Bank Central Asia
UOB
228
No.4
CIMB
95
Public Bank
83
Siam Commercial
66
Bank Mandiri
62
43
Bank Central Asia
3,161
3,062
2,535
2,034
2,022
1,659
1,643
1,397
1,396
792
No.4
73.0
80.0
68.3
77.0
56.2
57.3
41.7
48.1
38.8
46.7
26.7
34.2
No.4
Loans
Deposits
Market Capitalisation (USD bil): 29 May 2015
DBS
OCBC
UOB
Bank Central Asia
Maybank
Public Bank
Bank Mandiri
Siam Commercial
CIMB
Source: Bloomberg
28
112.8
120.7
Maybank
178
PATAMI (USD mil): 12 mths ended 31 Mar 2015
DBS
OCBC
UOB
Maybank
Bank Mandiri
Siam Commercial
Bank Central Asia
Public Bank
CIMB
153.0
182.3
148.1
174.3
OCBC
294
118
207.2
236.3
DBS
333
Page 28
37.8
30.1
27.5
26.4
23.6
22.0
19.5
19.0
16.0
13.2
No.5
Presence in all ten ASEAN countries
Maybank Offers Universal Banking Services Across Key ASEAN markets
30.1
294
3
UOB
27.5
228
4
BCA
26.4
43
5
Maybank
23.6
178
6
Public
19.5
95
7
Mandiri
19.0
66
8
SCB
16.0
83
9
CIMB
13.2
118
10
Bangkok
10.3
87
11
BDO
8.7
42
12
Metrobank
6.4
36
Universal Banking
Retail & Commercial Banking
*
Investment Banking
Source: Bloomberg (for market cap & total assets data)
29
MYANMAR
OCBC
LAOS
2
CAMBODIA
333
VIETNAM
37.8
BRUNEI
DBS
PHILIPPINES
1
THAILAND
(USD Bil)
INDONESIA
(USD Bil)
SINGAPORE
TOTAL
ASSETS
@
31 Mar 15
MALAYSIA
BANK
MARKET
CAP
@
29 May 15
Page 29
Affiliate/Representative Office
* Wholesale Banking license only
The merger of Maybank and Kim Eng is a strategic
move towards achieving Maybank Group’s aspirations
Our Vision
To be a Regional Financial Services Leader
1. Undisputed #1 Retail Financial Services provider in Malaysia by 2015
2. Leading ASEAN wholesale bank eventually expanding to Middle East,
China & India
Strategic Objectives
3. Undisputed Insurance & Takaful leader in Malaysia & Emerging Regional
Player
4. Truly regional organisation, with ~40% of pre-tax profits derived from
international operations by 2015
5. Global Leader in Islamic Finance
Page 30
30
Maybank Kim Eng’s Vision
Our Vision
To be a Regional Financial Powerhouse

The premier investment banking service provider in ASEAN, in both conventional and Islamic finance

Top 5 rankings in ASEAN league tables for fundraising, debt markets and M&A activities

#1 broker by market share in all ASEAN markets, and Tier-1 broker in HK

Brand recognition from clients as a leading ASEAN investment banking services provider

Use of leading-edge and innovative technology with seamless regional connectivity

Recognition from current and potential workforce as a top quartile employer
Page 31
31
Introduction to Maybank Kim Eng
and Maybank’s Presence in the Region
Brokerage / Investment Banking
Commercial Banking
Retail Banking
Other Services
Vietnam
Thailand
 Maybank: 2 + 1451
branches
 Maybank Kim Eng:
56 branches
 Maybank Kim Eng: 8
branches
Philippines
Malaysia
 Maybank: 79
branches
 Maybank: 402
branches
branches
branches
 Maybank: 4232
branches
 Maybank: 22
branches
branches
branches
Maybank Kim Eng has operations in 11 countries
Page 32
Saudi Arabia.
Notes:
1. Maybank Group also has presence in Vietnam
through its 20% owned associate An Binh Bank
2. Via 97.5% owned PT Bank Internasional
Indonesia Tbk & 1 branch via Maybank Syariah
Indonesia
3. Maybank has a 96.83% stake in BMI with PT
Perusahaan Pengelola Aset holding the
remaining equity
Indonesia
Singapore
Maybank Kim Eng
maintains distribution
presence in Hong
Kong, India, London
and New York and
has presence in the
Middle East through
its investment in
Anfaal Capital, which
is an Islamic
Investment Bank
located in
32
Source:
* Number of branches and services provided are
from company websites, annual reports and
management presentations. Information is
correct as of 16 Jun 2014.
Maybank Kim Eng is recognised as a market leader
in broking and investment banking
Thailand
Vietnam
Region
 Alpha Southeast Asia Best REIT Deal
of the Year in Southeast Asia (Impact
Growth REIT) 2014
 Alpha Southeast Asia Best Retail Broker 2013,
2014
 Alpha Southeast Asia Best Broker in Southeast
Asia 2014
 The Vietnam Economic Times Poll for Most
Trusted Brands 2013, 2014
 Asian Banking and Finance International
Technology & Operations Bank of the Year
2014
 FinanceAsia Best Broker 2014
 The Asian Banker Broker of the Year
2014
 The Banker Most Innovative Investment Bank
from Asia-Pacific 2014
 Alpha Southeast Asia Best Retail Broker
2013, 2014
 The Asset Triple A Awards Best
Brokerage House 2013
Philippines
 Alpha Southeast Asia Best Institutional
Broker 2013
Malaysia
 AsiaMoney Most Improved Brokerage Over
the last 12 months 2014
 Alpha Southeast Asia Best Retail and
Institutional Broker 2013, 2014
 Asian Banking and Finance Malaysia
Domestic Project Finance Bank of the
Year 2014
Singapore
 Alpha Southeast Asia Best Retail and
Institutional Broker 2014
 The Asian Banker Broker of the Year
2014
 The Asset Triple A Awards Best Islamic
Equity Deal 2014
 The Asset Triple A Awards Best
Corporate Sukuk/New Sukuk 2014
 The Asset Triple A Awards Most
Innovative Deal 2014
 Alpha Southeast Asia Best Institutional Broker
2014
Indonesia
 The Asset Triple A Awards Singapore Best
Deal 2014
 Alpha Southeast Asia Best Broker, Best Retail &
Institutional Broker 2014
 The Asset Triple A Awards Best Brokerage
House 2013
 The Asset Triple A Awards Best Deal (Matahari
Department Store's US$1.5 billion re-IPO 2013)
 Investment Trends Singapore Broking Report
– Best Mobile Platform 2011, 2012, 2013,
2014
33
Page 33
Maybank Kim Eng
FY2015 Awards
2015
• Innovation in Islamic Finance: Malaysia Airports Holdings MYR1 billion Sukuk ; Battersea Phase 3 Financing | Malaysia
• Best Broker | Philippines
• Investment Banking In-House Team of the Year
• In-House Lawyer of the Year: Dalvin Kaur, Regional Head of Legal for Maybank Kim Eng Group and
Head, Maybank Investment Bank
34
Page 34
Maybank Kim Eng
FY2014 Awards
2014
• Infrastructure & Project Finance Deal of the Year in Asia-Pacific (Banten Power Plant) | Malaysia
• Islamic Finance Deal of the Year in Asia-Pacific (Cagamas Berhad) | Malaysia
• Broker of the Year Award | Malaysia, Thailand
•
•
•
•
•
•
Investment Analysts
Association of Thailand
Best Islamic Equity Deal - UMW Oil & Gas Corporation MYR 2.7b IPO
Best Corporate Sukuk/New Sukuk - Sime Darby USD 800m five-year and 10-year Sukuk
Most Innovative Deal - Telekom Malaysia MYR 200m Sukuk
Singapore Best Deal - Swiber Capital SGD 150m five-year Sukuk
Highly Commended - DanaInfra Nasional MYR 300M exchange-traded Sukuk (MYR 8b programme)
Highly Commended - Cagamas Berhad MYR 3.8b multi-tenor Sukuk
• Best Analyst, Commerce and Food & Media sectors for retail investors: Khun Suttatip Peerasub |
Thailand
• Best Analyst, Energy & Utilities/Petrochemical & Chemicals sector for retail investors: Khun
Sutthichai Kumworachai | Thailand
• Best Analyst, Market Alternative Investment (mai) for institutional and retail investors: Khun
Jaroonpan Wattanawong | Thailand
• Best Institutional Broker | Indonesia, Malaysia, Philippines, Singapore,
• Best Retail Broker | Indonesia, Malaysia, Philippines, Thailand, Vietnam
• Best Broker in Southeast Asia
• Asian Banking and Finance Malaysia Domestic Project Finance Bank of the Year
• Asian Banking and Finance International Technology & Operations Bank of the Year
• Best Broker | Malaysia, Thailand
35
Page 35
Maybank Kim Eng
FY2014 Awards
2014
• Most Innovative Investment Bank from Asia-Pacific
• Best Investment Bank | Malaysia
• Top Earnings Estimator - Construction and Engineering in Asia Rank #1: Wong Chew Hann
• Top Earnings Estimator - Industrial Sector in Singapore Rank #3: Yeak Chee Keong
• Best Bank for Real Estate Financing (Malaysia) - Mortgage, Consumer Finance, CFS
• Best Bank for M&A Advisory (Malaysia) – Maybank Investment Bank/Maybank Kim Eng
• Highly Commended Individual in Research in Asian Local Currency Bonds 2014: Winston Phoon
• Top Ranked Individual in Research in Asian Local Currency Bonds 2014: Suhaimi Ilias
• Best Retail Broker Runner-up | Singapore
• Philippine Stock Exchange Bell Award | Philippines
36
Page 36
Maybank Kim Eng
FY2014 Awards
2014
• Mobile Platform Award | Singapore
• Trading Ideas and Strategies Award | Singapore
• Best Brokerage House | Malaysia, Singapore, Thailand
• Best Renminbi (Offshore) Offering - Cagamas Global's RMB1.5 billion 3.7% Bond Due 2017
• Best Project Financing - Banten Power Plant $730 million Debt Financing, Indonesia
8th Annual Best Deal & Solution
Awards 2014
37
• Best Islamic Finance Deal of the Year in Southeast Asia – Cagamas’ RMB1.5 billion (USD 244million)
offshore RMB bond
• Best REIT Deal of the Year in Southeast Asia – Impact Growth REIT’s THB 15. billion (USD4
million) REIT
• Best Equity House in ASEAN
• Best Islamic REIT Deal Of the Year In Southeast Asia (KLCC)
Page 37
Maybank Group
Extensive Global Network
The Maybank Group’s extensive global network creates a platform that facilitates the execution and distribution of our clients’
transactions effectively and efficiently
ASEAN
Malaysia
South Asia/GCC
USA
New York
UK
London
Other Asian Region
Pakistan
Singapore
Indonesia
Hong Kong
Bahrain
Cambodia
Philippines
China
India
Vietnam
Brunei
> USD100bn total assets
> USD1bn profit after tax
> 40,000 Maybankers worldwide
> 1,750 offices in 14 countries
> 18mm customers
Thailand
Page 38
Papua New Guinea
Financial Highlights
Page 39
Financial Statement
Unit: Thousand Baht
2012
Jan-Dec
2013
Jan-Dec
2014
Jan-Dec
2014
Jan-June
2015
Jan-June
14,019,708
14,684,972
20,612,852
15,915,683
19,263,979
Total Liabilities
9,451,043
9,409,288
15,728,620
11,523,767
14,297,089
Total Shareholders' Equity
4,568,665
5,275,684
4,884,232
4,391,916
4,996,890
11,938,411
12,903,150
16,006,386
14,288,695
16,751,356
3,233,317
4,756,403
4,434,653
1,649,729
2,173,137
736,016
1,420,536
1,264,224
332,067
596,391
1.29
2.49
2.21
0.60
1.04
570,504
570,814
570,814
570,814
570,814
Total Asset
Total Securities and Derivatives
Business Receivables and accrued
interest receivables
Total Income
Net Income (Loss)
Net Income (Loss) per share
The Weighted Average Number of
Ordinary Share (Thousand Share)
Page 40
Statement of Financial Position
Assets
Liabilities & Equities
(Million Baht)
(Million Baht)
25,000
25,000
20,613
20,613
19,264
20,000
20,000
19,264
15,916
15,000
14,020
14,685
15,000
15,916
14,685
14,020
15,729
18,902
10,000
12,922
10,000
17,050
9,451
14,297
11,524
9,409
14,579
12,962
5,000
5,000
Dec.12
Dec.13
Dec.14
June.14
5,276
4,884
4,392
4,967
Dec.12
Dec.13
Dec.14
June.14
June.15
-
June.15
Others
Shareholders' Equity
Securities Business Receivable - Net
Investment in Securities - Net
Cash and Deposit with Financial Institution
4,569
Page 41
Liabilities
Common Size Financial Statements
Common size
Total Income
2012
(Jan-Dec)
2013
(Jan-Dec)
2014
(Jan-Dec)
2014
(Jan-June)
2015
(Jan-June)
100%
100%
100%
100%
100%
79.18%
76.08%
71.14%
68.63%
66.93%
2.47%
1.52%
5.70%
4.69%
6.04%
Gain(loss) on trading in securities
-0.73%
0.42%
0.78%
0.17%
0.57%
Interest and Dividend Income
18.26%
20.30%
20.87%
25.59%
24.73%
Other income
0.82%
1.68%
1.51%
0.92%
1.73%
Total Cost
100%
100%
100%
100%
100%
Variable Cost
58.04%
67.13%
62.94%
58.48%
60.22%
Fixed Cost
41.96%
32.87%
37.06%
41.52%
39.78%
Total Assets
100%
100%
100%
100%
100%
Cash
1.97%
5.97%
1.23%
1.45%
5.51%
Investment
0.90%
0.24%
1.97%
0.42%
0.42%
92.41%
90.29%
93.21%
91.60%
90.14%
Other Assets
4.73%
3.51%
3.59%
6.51%
3.93%
Total Liabilities
100%
100%
100%
100%
100%
Account Payable
46.64%
32.74%
31.73%
32.18%
33.42%
Accrued Expense
5.70%
2.84%
5.15%
5.00%
3.75%
Other Liabilities
47.66%
64.42%
63.12%
62.82%
62.83%
Brokerage fees
Fees and services income
Account Receivable
Page 42
Financial Ratios
Return on Equity (Annualized)
Return on Assets (Annualized)
37.56%
11.31%
24.22%
4.49%
14.22%
2013
2014
5.98%
2015
Gross/Net Margin
Variable/Fixed Cost to Revenue
73.94%
74.21%
71.81%
70.33%
16.40%
30.35%
20.76%
Gross Margin
64.73%
61.89%
30.70%
26.15%
27.36%
Net Margin
45.49%
43.24%
39.58%
2013
2014
2015
Variable
Page 43
Fixed Cost
Profit and Loss Statements
Unit: Million Baht
5,000
4,756
4,435
4,500
4,000
3,500
3,233
2,970
3,000
2,500
2,845
2,259
2,173
2,000
1,650
1,426
1,421
1,500
1,264
1,218
1,000
721
596
500
332
0
2012(Jan-Dec)
2013(Jan-Dec)
Total Revenues
2014(Jan-Dec)
2014(Jan-June)
Total Expenses (excl. corporate tax)
Page 44
2015(Jan-June)
Net Profit (Loss)
Credit Outlook & NCR
Unit: Thousand Baht
2012
December
2013
December
2014
December
2014
June
2015
June
Detail of Doubtful Account
Receivable
Account receivable (Old Margin
Loan) – NPL before 1999
240,529
240,486
240,486
240,486
240,486
Account receivable - overdue
cash a/c before 1999
807
807
807
807
807
Account receivable - overdue
cash a/c after 1999
5,523
4,608
4,951
4,493
4,560
Accrued interest receivables margin loans
14,741
14,185
14,185
14,185
14,185
-261,533
-259,801
-260,099
-259,698
-259,568
Allowance for doubtful accounts
2012
December
NCR
44.75
2013
December
47.99
Page 45
2014
December
32.73
2014
June
30.38
2015
June
37.53
Allowance for doubtful accounts and Bad Debt
Unit: Thousand Baht
Allowance for doubtful accounts
Beginning balance of period
2012
2013
2014
2014
2015
December
December
December
March
March
261,938
261,533
259,801
259,801
260,099
119
2,914
442
-
36
-524
-4,646
-144
-103
-537
261,533
259,801
260,099
259,698
259,568
Add Doubtful accounts
Less Reversal of doubtful accounts
Ending balance of period
Bad Debt and Doubtful Accounts
Provision for new Doubtful Debt
2012
2013
2014
2014
2015
December
December
December
June
June
119
2,914
442
-
36
Received payment from Doubtful Debt
-524
-4,646
-144
-103
-537
Total
-405
-1,732
298
-103
-531
Page 46
HEAD OFFICE :
The Offices at Central World, 19th-21st and 25th Fl.,
999/9 Rama I Road, Pathumwan
Bangkok 10330, Thailand
Telephone :
66 (2) 658-6300
Fax :
66 (2) 658-6301
Customer Service Hotline :
Telephone:
66(2) 658-5050
Email:
[email protected]
Website:
www.maybank-ke.co.th
Page 47
Disclaimer
This presentation was prepared exclusively for the benefit and internal use of the recipient and does not carry any rights of reproducing any part of
this discussion paper to any party. This presentation is preliminary in nature, and is incomplete without any proper reference to, and should be viewed
solely in conjunction with, the oral briefing provided by The Maybank Group. No part of this document may be reproduced or copied in any form or by
any means without prior written permission or consent of The Maybank Group.
In preparing this presentation, we have assumed that all the information in all publicly available sources and those provided by the management and
promoters are accurate and reasonable. Accordingly, the information has not been independently verified. No warranty or representation, express or
implied, is made with respect to the information set out in this presentation, nor will The Maybank Group be responsible for the consequence of
reliance on any opinion or statement set out herein.
Please note that this presentation is an outline on an indicative basis and does not represent a commitment from The Maybank Group to finance on
behalf of the recipient of this presentation in any form. This presentation would include but are not limited to those summarised herein and are
subject to market conditions at the time of documentation.
This presentation was prepared based on regulations and guidelines currently in force which are subject to changes from time to time. If the time for
the implementation of our recommendation extends into the future, our findings and recommendations may not necessarily apply due to changing
business and regulation conditions. Accordingly, we suggest continual discussions, especially prior to any implementation of our recommendation to
confirm its appropriateness.
Prior to entering into any transaction contemplated hereby (a “Transaction”) you should determine, without reliance upon The Maybank Group, the
economic risks and merits (and independently determine that you are able to assume these risks), as well as the legal, tax and accounting
characterisations and consequences of any such Transaction. In this regard, by accepting this presentation, you acknowledge that (a) we are not in the
business of providing (and you are not relying on The Maybank Group for) legal, tax or accounting advice, (b) there may be legal, tax or accounting risks
associated with any Transaction, (c) you should receive (and rely on) separate and qualified legal, tax and accounting advice and (d) you should apprise
senior management in your organisation as to such legal, tax and accounting advice (and any risks associated with any Transaction) and our disclaimer
as to these matters.
Page 48

Maybank Kim Eng Securities

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